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Should I refinance my federal student loans?
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Should I refinance my federal student loans?
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Student Loan Debt Is an Unheralded Burden for Older Borrowers
Americans 50 and over owe hundreds of billions for themselves, children
by John Waggoner, AARP, Updated March 8, 2021 |
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iStock / Getty Images
En español | The student loan debt crisis is not just a problem for the young. Of the $1.6 trillion in total student debt at the end of 2020, borrowers 50 and older owed about 22 percent of that amount, or $336.1 billion more than a five-fold increase from 2004.
Growing problem
The crisis has been hard on older households. In 1989, 3.1 percent of families headed by someone age 50-plus carried student loan debt, owing an average of $10,073. By 2016, 9.6 percent of families headed by someone age 50-plus carried student loan debt, with the average amount owed more than tripling to $33,053.
No Age Limit to Apply for FAFSA Student Grants and Loans
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Here are some of the best student loan forgiveness options
By Josh Patoka article
With record amounts of student loan debt, more borrowers qualify for student loan forgiveness. Here the most popular loan forgiveness options. (iStock)
Student loan forgiveness is a popular personal finance topic these days as the Biden Administration proposes to forgive up to $10,000 in federal student loans.
There are currently several student loan forgiveness programs that cancel any remaining loan balance after 10 to 25 years of qualifying payments for most federal loans. The borrower no longer has to repay their student loans after qualifying for loan forgiveness.
Private student loans do not qualify for federal student loan forgiveness but can be discharged due to a total or permanent disability or death. Only in rare instances do federal or private school loans get forgiven when the borrower declares bankruptcy. If you have private student loans, you may want to consider refinancing y